US 30-Year Mortgage Rate Hits Lowest Level in Two Years
The 30-Year Fixed-Rate Mortgage Reaches Lowest Level in Two Years
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, September 26th.
The 30-year fixed-rate mortgage averaged 6.08%, down from last week when it averaged 6.09%. A year ago at this time, the 30-year rate averaged 7.31%.
The 15-year fixed-rate mortgage averaged 5.16%, up from last week when it averaged 5.15%. A year ago at this time, the 15-year rate averaged 6.72%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Although this week’s decline was slight, the 30-year fixed-rate mortgage trended down to its lowest level in two years. Given the downward trajectory of rates, refinance activity continues to pick up, creating opportunities for many homeowners to trim their monthly mortgage payment. Meanwhile, many looking to purchase a home are playing the waiting game to see if rates decrease further as additional economic data is released over the next several weeks.”
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